What Good Performance Really Looks Like

The Haas Value Strategy has been a top performer since its inception about 6 years ago, beating by about five percentage points per year.  It’s fair to say that, at most, a handful of managers have matched its performance. In addition, virtually all managers would consider its performance “highly successful”.  But on a day to Read more about What Good Performance Really Looks Like[…]

The Benefits of Investing in Foreign Markets

A friend recently asked me: “Why invest in foreign markets, they haven’t done anything over the last 5 years?” My first response was to point out that the past 5 years in not predictive of the subsequent 5 years for any investment. In other words, the fact that they haven’t done well does not mean Read more about The Benefits of Investing in Foreign Markets[…]

How Are Your Investments Doing? No, Really?

If you’re like most investors you’re happy to open your account statement and see that your investments have appreciated in value since the last statement. When the market gets rough you understand that stocks lose money sometimes. But how much your investments appreciate, or decline, is critical over the long term. The only way to Read more about How Are Your Investments Doing? No, Really?[…]

How To Say You’re Wining When You’re Losing

A recent ad from American Funds caught my attention. It claimed a “superior long-term track record” with 91% of equity funds beating their Lipper peer indexes in a 10 year period. This is fantastic! In a recent article titled “86% of investment managers stunk in 2014”, CNN Money reported that 82% of active fund managers failed Read more about How To Say You’re Wining When You’re Losing[…]

Value Vs. Growth – It’s the Future!

Investors in growth stocks think they’re pretty good at predicting the future, value investors don’t. To be sure, companies that are growing quickly are worth more (by valuation measures such as price/earnings) than one’s that aren’t. How much extra a growth stock investor is willing to pay depends on how quickly he expects the company Read more about Value Vs. Growth – It’s the Future![…]

It’s Priced In!

One of the biggest mistakes I see novice investors make is buying a stock based on the fact that a company is doing something “special”. This includes introducing a new product, adding a “rock star” manager to its management team, or simply growing quickly. None of these things makes a stock particularly appealing, and that’s Read more about It’s Priced In![…]